A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Referred to the House Committee on Ways and Means.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, known as the "Tax Relief for Fraud Victims Act," aims to amend the Internal Revenue Code of 1986. It seeks to repeal the current limitation on deductions for personal casualty losses. Additionally, it provides increased relief for taxpayers facing theft losses that involve fraud, deceit, or misrepresentation. The act allows certain taxpayers to elect which taxable year to treat a loss as sustained. It also extends the period of limitation for filing credit or refund claims related to these specific theft losses.
Yes· 3 of 6
- Scored +5
Would middle-income households be better off under this?
The bill expands the ability to deduct personal casualty and theft losses for middle-class taxpayers.
- Scored +5
Does this cut taxes for middle-income families?
The bill allows middle-income families to deduct personal casualty losses and provides more flexible theft loss deductions.
- Scored +4
Would people over 65 be better off under this?
The bill provides expanded theft loss relief which can protect the fixed incomes of seniors.
The opposite
- Scored -2
Does this reduce what the federal government spends?
The repeal of deduction limitations may reduce federal tax revenue.
Who it would affect, and how
Potential Positive Impacts for People
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Repeal of Casualty Loss Limitations: The bill strikes paragraph (5) of Section 165(h), which would repeal the limitation on deductions for personal casualty losses (Section 2(a)).
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Flexibility for Theft Loss Timing: For losses involving fraud, deceit, or misrepresentation, taxpayers can elect to treat the loss as sustained during the taxable year in which the loss actually occurred rather than when it was discovered (Section 2(b)(1)).
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Extended Time to Claim Refunds: The bill extends the period of limitation for filing credit or refund claims for theft losses involving fraud, deceit, or misrepresentation. The period is treated as not expiring earlier than one year after the taxpayer discovers the loss (Section 2(b)(2)).
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Adjusted Distribution Rules: For distributions relating to theft losses involving fraud, deceit, or misrepresentation, the rules regarding the repayment of amounts are modified to allow for a one-year period beginning on the day after the taxpayer discovers the loss (Section 2(c)(ii)).
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would middle-income households be better off under this? — The bill expands the ability to deduct personal casualty and theft losses for middle-class taxpayers. Would people over 65 be better off under this? — The bill provides expanded theft loss relief which can protect the fixed incomes of seniors. Would households on low incomes be better off under this? — Increased theft loss relief helps protect low-income households from the full impact of fraud.
- Economy And Finance
- Does this cut taxes for middle-income families? — The bill allows middle-income families to deduct personal casualty losses and provides more flexible theft loss deductions. Does this cut taxes for small businesses? — The repeal of casualty loss limitations provides relief to small business owners facing personal property losses. Does this reduce what the federal government spends? — The repeal of deduction limitations may reduce federal tax revenue.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — The bill provides relief to victims of fraud and theft that could otherwise impact their financial stability.
- 1/9/2026
- Referred to the House Committee on Ways and Means.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Thomas SuozziDemocrat · New York